Kuangchi Space Technology Co. Ltd., a wholly foreign-owned subsidiary of Kuang-Chi Group, will cooperate with a Shanghai-based institute on near-space manned spaceflight and space travel projects.
The company reached a cooperation framework agreement with Shanghai Institute of Space Systems Engineering of China Aerospace Science and Technology Corp. yesterday, making Kuang-Chi the first listed Chinese company in the space travel business.
Both parties will set up joint companies for the development and promotion of commercialized space travel systems and the necessary provisions and logistics for such programs over the course of five years.
As per the agreement, the group and the institute will also cooperate on applicable solutions including but not limited to research and development of advanced spaceflight materials, provisions for manned near-space platforms, near-Earth orbit carriers and solutions to extraterrestrial platform projects.
Shanghai Institute of Space Systems Engineering conducts research and design in Shanghai for manned spaceflight and Chinese lunar exploration programs. It is a comprehensive space system research institute that is engaged in developing provisions for space transportation systems and spatial structure product solutions.
The company believes that the aforementioned agreement represents a great opportunity to establish cooperation with national aerospace organizations to conduct research and development in the nascent space technology sector.
Headquartered in Shenzhen, Kuang-Chi is a high-tech company providing solutions for innovative products. It was listed on the Hong Kong stock market this September.
Since 2010, NASA has been subsidizing private businesses to develop spacecraft, among them Boeing, SpaceX and SNC.
In September this year, NASA signed cooperation agreements with Boeing and SpaceX to conduct research on creating space taxis that would send astronauts to the International Space Station.